Common use of Monthly retentions Clause in Contracts

Monthly retentions. Each Borrower undertakes with each Creditor Party to ensure that, in each calendar month of the Security Period after the Ship owned or to be owned by it has been delivered to it under the relevant MOA, on such dates as the Agent may from time to time specify, there is transferred to the Retention Account out of the Earnings received in its Operating Account during the preceding calendar month: (a) one-third of the amount of the repayment instalment in respect of the Tranche applicable to its Ship falling due under Clause 8.1 on the next Repayment Date in respect of that Tranche; and (b) the relevant fraction of the aggregate amount of interest on that Tranche which is payable on the next due date for payment of interest under this Agreement. The "relevant fraction" is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to the relevant Tranche (or, if the current Interest Period ends after the next due date for payment of interest under this Agreement for the relevant Tranche, the number of months from the later of the commencement of the current Interest Period for the relevant Tranche or the last due date for payment of interest for that Tranche to the next due date for payment of interest for that Tranche under this Agreement).

Monthly retentions. Each Borrower undertakes with each Creditor Party to ensure that, in each calendar month of the Security Period after the Ship owned or to be owned by it has been delivered to it under the relevant MOA, on such dates as the Agent may from time to time specify, there is transferred to the Retention Account out of the Earnings received in its Operating Account during the preceding calendar month: (a) one-third of the amount of the repayment instalment in respect of the Tranche applicable to its Ship falling due under Clause 8.1 on the next Repayment Date in respect of that Tranche; and (b) the relevant fraction of the aggregate amount of interest on that Tranche which is payable on the next due date for payment of interest under this Agreement. The "“relevant fraction" ” is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to the relevant Tranche (or, if the current Interest Period ends after the next due date for payment of interest under this Agreement for the relevant Tranche, the number of months from the later of the commencement of the current Interest Period for the relevant Tranche or the last due date for payment of interest for that Tranche to the next due date for payment of interest for that Tranche under this Agreement).

Monthly retentions. Each Borrower of the Borrowers undertakes with each Creditor Party to ensure that, in each calendar on and from the date falling one month of after the Drawdown Date and at monthly intervals thereafter during the Security Period after the Ship owned or to be owned by it has been delivered to it under the relevant MOA, on such dates as the Agent may from time to time specifyPeriod, there is are transferred to the Retention Account out of the Earnings received in its Operating Account the Earnings Accounts during the preceding calendar month: (a) one-third of the amount of the repayment instalment in respect of the Tranche applicable to its Ship relevant Repayment Instalment falling due under Clause 8.1 (Amount of repayment instalments) on the next Repayment Date in respect of that TrancheDate; and (b) the relevant fraction of the aggregate amount of interest on that Tranche the Loan which is payable on the next due date for payment of interest under this Agreement, and the Borrowers irrevocably authorise the Agent to make those transfers if the Borrowers fail to do so. The "“relevant fraction" ”, in relation to paragraph (b), is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to the relevant Tranche (or, or if the current Interest Period in respect of the Loan ends after the next due date for payment of interest under this Agreement for the relevant TrancheAgreement, the number of months from the later of the commencement of the current Interest Period for in respect of the relevant Tranche Loan or the last due date for payment of interest for that Tranche to the next due date for payment of interest for that Tranche in respect of the Loan under this Agreement).

Monthly retentions. Each The Borrower undertakes with each Creditor Party to ensure that, in each calendar month of the Security Period after the relevant Ship owned or to be owned by it has been delivered to it its Owner under the relevant MOAShipbuilding Contract, on such dates as the Agent may from time to time specify, there is transferred paid to the Retention Account out of the Earnings received in its Operating Account during the preceding calendar monthAccount: (a) one-third sixth of the amount of the repayment instalment Six-monthly Instalment in respect of the Tranche applicable which was used to its finance the relevant Ship falling due under Clause 8.1 8 on the next Repayment Date in respect of that TrancheDate; and (b) the relevant fraction of the aggregate amount of interest on that Tranche which is payable on the next due date for payment of interest in respect of that Tranche under this Agreement. The "In this Clause 18.2, the “relevant fraction" ”, in relation to paragraph (b), is a fraction of which the numerator is 1 and the denominator the number of months comprised in the then current Interest Period applicable to for the relevant Tranche (or, if the current Interest Period ends after the next due date for payment of interest under this Agreement for the relevant Tranche, the number of months from the later of the commencement of the current Interest Period for the relevant Tranche or the last due date for payment of interest for that Tranche to the next due date for payment of interest for that Tranche under this Agreement).